As you do, take notes, and I suggest that before you do another investment, have a plan for dealing with the taxation.In every deal I have ever done, taxation was one of the three or four decision factors for buying, selling, holding, etc.  

If not, the cost of utilities you'd need to pay should be factored into your assumptions (it'd be surprising, for example, if heat and hot water were separate for all units).

All investors leave 10% in their rehab budget for fudge factor to account for unbudgeted projects.I know several BP people that used credit cards to fund the rehab part of their investment so they were able to pay that back in a short time, but to fund the entire project on credit cards for flips is risky on top of flipping (which itself is a risky undertaking to ensure you plan properly to ensure you profit on the sale).

Water "wasted" is not lost like energy that is wasted (leaking toilet water remains in the hydraulic cycle where as the light on in a room no one occupies is gone forever).

It's a range using only a few factors.

Networking seems to be a huge factor in this business so I would suggest finding people already successfully flipping in your area their insight will be invaluable.

Ithaca is an Outlayer statistically, there are many factors that influence this.

I wouldn't worry too much about not having assets when it comes to qualifying for a mortgage, that's doesn't factor into the equation, with some readily available conventional loans.  

I think if you do the math and factor the costs of refinancing to save $80 a month, you will see that you are going to spend more in fees per year for the costs to refinance than you are going to save by not having the PMI.  

This wouldn't be a mortgage.The bank will tie up your funds and should offer a competitive rate, this is a low risk deal for them and I don't suspect your credit will be much of a factor.